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Office of Management and Enterprise Services (OMES) - General Revenue Fund Collections Moderate at Start of FY-2012
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2011-07%20General_Revenue_Fund_Collections_Moderate_at_Start_of_FY-2012.html[9/21/2012 10:03:14 AM]
Office of Management and
Enterprise Services (OMES)
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Home / News / General Revenue Fund Collections Moderate at Start of FY-2012
News Release
PRESTON L. DOERFLINGER
Director and Secretary
of Finance and Revenue
MARY FALLIN
Governor
Aug. 8, 2011
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
General Revenue Fund Collections Moderate at Start of
FY-2012; Rainy Day Fund Deposit Grows By $30 Million
OKLAHOMA CITY — General Revenue Fund collections showed moderate growth in July, Office of State Finance Director Preston
Doerflinger said Monday. He also announced that the deposit into the state's Rainy Day Fund will be $30 million more than
originally expected.
"A final reconciliation of all sources contributing to the General Revenue Fund raised the deposit into the Rainy Day Fund to
$249.2 million, compared with last month's estimate of approximately $219 million," Doerflinger said.
Meanwhile, total GRF collections for the first month of the 2012 fiscal year came in at $385 million, more than enough for
agencies to pay state bills for August. While there was moderate growth in receipts, collections dipped from the overall double-digit
growth rate for FY-2011.
Total income taxes were down 4.6 percent from last year's receipts in July, but beat the estimate by 8.4 percent. Sales taxes
were up over the prior year by 8.4 percent and were 3.9 percent higher than the estimate.
"This is really no surprise," Doerflinger said of the more moderate total growth figures. "We fully expected that the growth rate
would moderate eventually, simply because collection of some revenue, such as income taxes, can vary greatly from month to
month. We're still showing steady growth and I am optimistic that we can maintain that in future months."
Doerflinger, secretary of finance, added: "I'm concerned, of course, by Wall Street's reaction to the debt ceiling debacle in
Washington and the downgrading of our country's bond rating. But this should not overshadow the progress we've made
economically here in Oklahoma."
Gov. Mary Fallin also had a positive reaction to the latest GRF figures. "Our increasing revenues further show the Oklahoma
economy is on the right track," the governor said. "As we begin a new fiscal year, it's also good news to see another
significant deposit into our Rainy Day Fund.
Oklahoma can continue to build upon this positive momentum by pursuing the kind of pro-business policies that will attract
new jobs and investment, which will lead to continued revenue growth," Gov. Fallin added.
Only time will determine the direction of the national economy, which some economists argue might be headed for another
downturn that could dampen Oklahoma's robust recovery from the last recession. But Doerflinger remains hopeful about the
state's economic future.
"Consumer confidence has been high in Oklahoma and our revenue collections have been stronger than most states for some
time now," he said. "We saw pent-up demand leading to a buying spree by Oklahomans in 2011. While you could expect
buying to level off this year, I see no reason for our citizens to succumb to the doom-and-gloom predictions of some
economists."
Doerflinger pointed out that the state's unemployment rate held steady at 5.3 percent for 2 months in a row, compared with a
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Office of Management and Enterprise Services (OMES) - General Revenue Fund Collections Moderate at Start of FY-2012
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2011-07%20General_Revenue_Fund_Collections_Moderate_at_Start_of_FY-2012.html[9/21/2012 10:03:14 AM]
Office of Management and
Enterprise Services (OMES)
Share | Print | Print
Home / News / General Revenue Fund Collections Moderate at Start of FY-2012
News Release
PRESTON L. DOERFLINGER
Director and Secretary
of Finance and Revenue
MARY FALLIN
Governor
Aug. 8, 2011
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
General Revenue Fund Collections Moderate at Start of
FY-2012; Rainy Day Fund Deposit Grows By $30 Million
OKLAHOMA CITY — General Revenue Fund collections showed moderate growth in July, Office of State Finance Director Preston
Doerflinger said Monday. He also announced that the deposit into the state's Rainy Day Fund will be $30 million more than
originally expected.
"A final reconciliation of all sources contributing to the General Revenue Fund raised the deposit into the Rainy Day Fund to
$249.2 million, compared with last month's estimate of approximately $219 million," Doerflinger said.
Meanwhile, total GRF collections for the first month of the 2012 fiscal year came in at $385 million, more than enough for
agencies to pay state bills for August. While there was moderate growth in receipts, collections dipped from the overall double-digit
growth rate for FY-2011.
Total income taxes were down 4.6 percent from last year's receipts in July, but beat the estimate by 8.4 percent. Sales taxes
were up over the prior year by 8.4 percent and were 3.9 percent higher than the estimate.
"This is really no surprise," Doerflinger said of the more moderate total growth figures. "We fully expected that the growth rate
would moderate eventually, simply because collection of some revenue, such as income taxes, can vary greatly from month to
month. We're still showing steady growth and I am optimistic that we can maintain that in future months."
Doerflinger, secretary of finance, added: "I'm concerned, of course, by Wall Street's reaction to the debt ceiling debacle in
Washington and the downgrading of our country's bond rating. But this should not overshadow the progress we've made
economically here in Oklahoma."
Gov. Mary Fallin also had a positive reaction to the latest GRF figures. "Our increasing revenues further show the Oklahoma
economy is on the right track," the governor said. "As we begin a new fiscal year, it's also good news to see another
significant deposit into our Rainy Day Fund.
Oklahoma can continue to build upon this positive momentum by pursuing the kind of pro-business policies that will attract
new jobs and investment, which will lead to continued revenue growth," Gov. Fallin added.
Only time will determine the direction of the national economy, which some economists argue might be headed for another
downturn that could dampen Oklahoma's robust recovery from the last recession. But Doerflinger remains hopeful about the
state's economic future.
"Consumer confidence has been high in Oklahoma and our revenue collections have been stronger than most states for some
time now," he said. "We saw pent-up demand leading to a buying spree by Oklahomans in 2011. While you could expect
buying to level off this year, I see no reason for our citizens to succumb to the doom-and-gloom predictions of some
economists."
Doerflinger pointed out that the state's unemployment rate held steady at 5.3 percent for 2 months in a row, compared with a
FAQs Contact OMES-Alerts OMES & CORE Calendar RSS Feeds
CIO Comptroller &
Budget
Employees &
Benefits
Central Purchasing Capital Assets
Management
Forms